My Server has been down for 16-18 hours already, but they are working on it. When the service at Elliottwave5.com gets working again is still unclear at this time. This site is still up and running so I will post a few on this blog today.
The long anticipated decline seems to have started with great enthusiasm. This is a good sign as the USD would be switching back to its true trend which is down. The waves form with a bit more clarity when it is back on its true trend. That does not mean the decline will not throw any surprises at us. It is the markets job to confuse and rattle as many cages as it can, to keep us guessing. I don't like to guess as the commercial traders have been very bearish already which eventually puts a cap on the USD bull market.
I have mentioned this many times, that the entire US dollar bull market was a fake bull market, and when that happens, a complete 100% retracement should be expected. At this time the 103.820 price level is the top which Steven Jon Kaplan, my favorite contrarian has also mentioned.
Gold has already responded to the US dollar decline as well as stocks turning down.
The window to buy gold stocks is rapidly closing as contrarians never buy when an asset class has already started on a bullish phase. If you shorted the US dollar at this time, then chances are good that a rapid reversal will force you out of this short position.
There should be no more new record highs for many years, but we should get one big counter rally long before another major bottom arrives.